Answering 6 Commonly Asked Questions About Education Loans for Students

1. Answering 6 Commonly Asked Questions About Education Loans for Students

2. With the easy accessibility to student loans these days, young individuals find it easier to follow their educational dreams. Many loan lenders are now increasingly offering good features which further attract students. Students can now pursue higher education in foreign places, at the university of their choice without any worry about the money aspect. Even as the availability of education loans for student increases, many students do not have concrete information about them. In this article, we answer the major FAQs about this topic to provide the right information to the students. 

3. What kinds of expenses are covered by education loans for students? If you choose the right lender, education loans for students can take care of multiple types of expenses when they go to a foreign destination for studies. Along with paying your academic fees, it also covers expenses such as housing, travel tickets, study material, and so on. Such holistic coverage ensures that you get to get to live worry-free and focus on your studies. 

4. Does education loans for students necessarily require collateral? No, providing collateral is optional when you are applying for education loans for students. Some lenders might ask for collateral if the loan amount is above a particular limit. However, many lenders, especially NBFCs, are willing to provide unsecured loans to students without any upper limits. If you are comfortable with the prospect, then you can opt to provide collateral as it will give you lower rates of interest.

5. Can a student loan get a loan for pre-admission expenses as well? Yes, it is possible. When applying for some courses, the expenses for admission applications, consultations, entrance exam fees, and so on can get quite high. There are some lenders in the market who are willing to provide students with funding for these expenses as well. 

6. Does a student have to be very good at academics to get their education loans for students approved? Not really. While your past academic record makes a considerable impact on your student loan application, there are many other things that can affect the overall decision. It is advisable to have a good academic record along with a sincere passion for your future studies.

7. Do student loans have high rates of interest? Depending on the lender and several other factors, you may be offered an interest rate accordingly. It is always recommended to choose a lender that provides best education loans for students at competitive interest rates. 

8. What are the usual repayment terms for education loans for students? Repaying a student loan is not as difficult as it may seem. Lenders offer flexible repayment features that can ease the repayment process for you. There may be options to make part-payments or pre-payments as well. However, these may come with penalties sometimes. Make sure that you are aware of all these penalties before you go ahead. 

9. We hope this article was helpful to you.

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